Exam 1: Taking Risks and Making Profits Within the Dynamic Business Environment

Greg is working as a marketing trainee for an online Music CD and video retailer.His boss called a meeting for next week with one thing on the agenda: "Bring with you your ideas about how we can gain a competitive advantage." Greg plans to provide the following response:

The advice provided by a marriage counselor is an example of the service industry.

Which of the following predictions about the impact of e-commerce on traditional businesses is likely to be most accurate?

In recent years,manufacturing firms in the United States have laid off workers.The best explanation of this trend is that:

Information in a database allows firms to carry only the products that the local population wants.

Increases in productivity have allowed fewer farmers to feed more and more people.

Questionable business practices such as those followed by many mortgage lending companies in the past few years:

An increase in productivity indicates that more can be produced in a given time period with the same amount of resources.

The growth in the service sector in the United States appears to be giving way to an information-based global era.

Revenue is the amount a business earns above and beyond what it spends for expenses and costs.

Since the beginning of the 1900s,the agricultural sector of the United States has:

In countries where businesses cannot enter into binding contracts,business owners assume additional risk.

Trace the evolution of American business.Identify the key trends,and discuss the implications these trends have for the future.

Competition among businesses has never been greater.Identify and describe several ways that businesses can become more competitive.

One way for a government to actively promote entrepreneurship is to establish a currency that's tradable in world markets so that you can buy and sell goods anywhere in the world using that currency.

Andy Blake got a call yesterday from Planet Bank,the company that issued his credit card inquiring about an $85.00 charge made in Caracas,Venezuela.Upon learning that Andy had not made this purchase,the Bank quickly took steps to cancel the card and issue a new one.Given the circumstances that Andy's credit card number had an illegal transaction,Andy may also want to:

Jane's income has remained stable over the past few years while the prices of things she buys have gone up.Nevertheless,Jane feels better off because the environment is cleaner,the crime rate has declined,she has more leisure time,and the quality of medical care has improved.If Jane's experience is typical,we can conclude that the standard of living has:

A business incurs a ___________ if its costs and expenses exceed its revenues.

Diversity groups identified in the market today include extroverts,introverts,atheists,and the devout.

To realize his passion,Alex recently opened Original Tunes,Inc. ,a small state of the art recording studio in Nashville,TN.He probably could have set-up shop in several major cities,but Nashville offered him the two most important factors that he learned in business school would enhance the creation of wealth: labor and political freedom.